BestX Case Study: Making RTS28 Useful

This brief article continues our series of case studies for the practical deployment of the BestX execution analytics software. Please note these case studies should be read in conjunction with the BestX User Guide, and/or the online support/FAQs. This latest article explores the Regulatory Reporting module of BestX, and how we feel this can be utilised to actually make the RTS28 reporting obligations under MiFID II to be of some value. We can hear the cries of derision upon reading this statement, but trust us, we do think that it is possible to make some of the reporting under RTS28 add real value to your best execution process and the overall goal of improving performance.

Generating the classic Top 5 report appears to add little value on its own – however, if this is produced in conjunction with a report that summarises performance according to your best execution policy (or in MiFID II speak, Order Execution Policy, as defined under Article 27(5)), then we enter the realms of added value. Assessing your top Venues, Counterparties and/or Channels (e.g. MTFs) on an overall performance basis and then marrying this up with where your actual volumes are executed can produce some interesting insights, and potentially actionable items to help improve performance going forward. This is one of the intended, as opposed to one of the many unintended, consequences of MiFID II and requires a systematic, and configurable, framework to measure and compare performance.

If you are a contracted BestX client and would like to receive the full case study please contact BestX at